Vodafone 2013 Annual Report Download - page 119

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15. Investments in associates
We hold investments in several associates, the main one being Verizon Wireless, which are businesses that
we have signicant inuence over but do not control. Our share of associates’ prot and net assets is recorded
as a single line item in the consolidated income statement and the consolidated statement of nancial position,
respectively. The principal investments in associates at 31 March 2013 are shown below together with further
nancial information.
The Company’s principal associates all have share capital consisting solely of ordinary shares, unless otherwise stated, and are all indirectly held.
The country of incorporation or registration of all associates is also their principal place of operation.
Name Principal activity
Country
of incorporation
or registration
Percentage1
shareholdings
Cellco Partnership2Network operator US 45.0
Safaricom Limited3 4Network operator Kenya 40.0
Notes:
1 Effective ownership percentages of Vodafone Group Plc at 31 March 2013, rounded to the nearest tenth of one percent.
2 Cellco Partnership trades under the name Verizon Wireless.
3 The Group also holds two non-voting shares.
4 At 31 March 2013 the fair value of Safaricom Limited was KES 96 billion (£739 million) based on the closing quoted share price on the Nairobi Stock Exchange.
The Group’s share of the aggregated nancial information of equity accounted associates is set out below.
2013 20122011
£m £m £m
Share of revenue in associates 22,453 20,60124,213
Share of result in associates 6,477 4,9635,059
Share of discontinued operations in associates – – 18
2013 2012
£m £m
Non-current assets 41,943 38,788
Current assets 4,483 3,764
Share of total assets 46,426 42,552
Non-current liabilities 2,893 3,990
Current liabilities 4,283 2,888
Non-controlling interests 615 566
Share of total liabilities and non-controlling interests 7,791 7,444
Share of equity shareholders’ funds in associates 38,635 35,108
16. Other investments
We hold a number of other listed and unlisted investments, the main one being an indirect holding in Bharti
Airtel Limited, a telecommunications company headquartered in India.
2013 2012
£m £m
Included within non-current assets:
Listed securities:
Equity securities 3 1
Unlisted securities:
Equity securities 571 671
Public debt and bonds 134 54
Other debt and bonds 66 65
774 791
The listed and unlisted securities are classied as available-for-sale. Public debt and bonds are classied as held for trading, and other debt and bonds
are classied as loans and receivables.
Unlisted equity securities include a 26% interest in Bharti Infotel Private Limited through which the Group has a 4.4% economic interest in Bharti
Airtel Limited. Unlisted equity investments are recorded at fair value where appropriate, or at cost if their fair value cannot be reliably measured
as there is no active market from which their fair values can be derived.
For public debt and bonds, other debt and bonds and cash held in restricted deposits, the carrying amount approximates fair value.
Current other investments comprise the following, of which public debt and bonds are classied as held for trading.
117 Vodafone Group Plc
Annual Report 2013
Overview Business
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